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- An additional 17,583-hectare lease has been acquired with rights to a target helium property
- The lease expansion is in addition to an initial 7,052-hectare lease for the same helium property
- Seismic data has been acquired to further evaluate the helium property
VANCOUVER, BC / ACCESSWIRE / June 3, 2021 / Imperial Helium Corp. ("Imperial" or the "Company") (TSXV:IHC) is pleased to announce that it has acquired additional land holdings at its Steveville land base near the hamlet of Princess in Southern Alberta and has purchased seismic data to better define its targeted helium resource as it prepares to embark on a drilling program.
"Imperial Helium has proceeded to execute on its business plan following its successful listing on the TSX Venture Exchange," said David Johnson, CEO. "We have now significantly expanded our land holdings through the acquisition of an additional 17,583 hectares of land and have acquired seismic data that will help us better evaluate and define the target reservoir."
On November 15, 2020, Imperial Helium was granted an initial lease for 7,052 hectares of leased land near the hamlet of Princess in Southern Alberta, and on March 16, 2021 entered into a subsequent lease agreement to lease an additional approximately 17,583 hectares which it has now secured. The Imperial Helium land holdings are in southern Alberta and are referred to by Imperial Helium as the Steveville land. Imperial Helium has leased the land from Heritage Royalty Resource Corporation and now holds 24,635 hectares with rights for natural gas (including helium) below the base of the Big Valley and Nisku formations.
The 2D and 3D seismic data that was also acquired had previously been reviewed by Imperial Helium for quality control purposes.
Imperial Helium is now further evaluating and defining the helium resource structure, referred to as the Steveville structure, in preparation for proceeding with its work program which includes the drilling of an initial well on the apex of the structure late in the second quarter of 2021. It is anticipated that the drilling of the well will take approximately 30 days, followed by 10 days for the well completion, and an additional six weeks to test and evaluate the producing horizons. Once all data from the first well have been fully integrated into the reservoir model, a second well location will be confirmed.
The Company is committed to high environmental standards and carries out its activities and operations in compliance with all relevant and applicable environmental regulations and best industry practices.
Imperial Helium is focused on the exploration and development of helium assets in North America. Driven by Canadian geoscience and engineering expertise, in combination with their proprietary helium well database, Imperial Helium is developing its asset base to meet the growing global helium demand and supply shortfalls in the market.
For additional information please contact:
Chief Executive Officer
Chief Financial Officer
Imperial Helium Corp.
890 - 1140 W Pender Street
Vancouver, BC V6E 4G1
Forward-Looking and Cautionary Statements
Certain information included in this press release constitutes forward-looking information under applicable securities legislation. Forward-looking information typically contains statements with words such as "anticipate", "believe", "expect", "plan", "intend", "estimate", "propose", "project", "will" or similar words suggesting future outcomes or statements regarding an outlook. Forward-looking information in this press release may include, but is not limited to, statements concerning: the exercise of the Company's option under the Lease Agreement; drilling activities; discovery activities including re-discovering and capturing the Steveville blow-out; activities pursuant to the Strategic Alliance Agreement; the satisfaction of the Escrow Release Conditions and the business plan of the Company, generally, including helium development and extraction. The forward-looking statements contained in this press release are based on certain key expectations and assumptions made by Imperial. Although Imperial believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because Imperial can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, risks associated with the helium industry in general (e.g., operational risks in development, exploration and production; the uncertainty of reserve estimates; the uncertainty of estimates and projections relating to production, costs and expenses, and health, safety and environmental risks), constraint in the availability of services, commodity price and exchange rate fluctuations, the current COVID-19 pandemic, changes in legislation impacting the helium industry, adverse weather or break-up conditions and uncertainties resulting from potential delays or changes in plans with respect to exploration or development projects or capital expenditures.
The forward-looking information contained in this press release is made as of the date hereof and Imperial undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, unless required by applicable securities laws. The forward-looking information contained in this press release is expressly qualified by this cautionary statement.
SOURCE: Imperial Helium Corp.